Chairman, Chams Plc, Prof. Adebayo Akinde
Chams Plc has started implementing a new intensive five-year strategic business plan aimed at strengthening the core competitive advantages of the company and enhancing its ability to operate profitability within the changing macroeconomic dynamics.
The five-year business plan, which included a two-year corporate plan that allows the company to intermittently observe its corporate progress, was sequel to extensive internal and external business reviews and was a major kernel of efforts by the board and management to put the company on the path of stable profitability.
Addressing shareholders at the company’s Annual General Meeting (AGM) held in Abuja, Chairman, Chams Plc, Prof. Adebayo Akinde, said the board engaged reputable consultants with expertise and vast experience in business turnaround to help it in the reinvention and repositioning of the company for excellent performance in addition to internal business review and restructuring by the management of the company.
He noted that the performance of the company had been impacted negatively by unstable government policies and challenges in the macro economy, which vitiated its rollout and project timelines and frustrated corporate expectations of returns.
He outlined that the new strategic business plan had the buy-in of all the directors and management and would open up new opportunities in the private sector, which would mitigate the company’s dependence on unstable public sector’s projects.
According to him, while several long-awaited public sector projects had either been awarded or are in execution stage, the new strategic direction that focuses also on opportunities in the private sector would complement the strategic advantages of the company as the company-of-choice in information and communication technology (ICT) in Nigeria.
On his part, Managing Director, Chams Plc, Mr. Demola Aladekomo, said the company was poised to leverage its cutting-edge and innovative technologies to take full advantage of the Central Bank of Nigeria (CBN)’s cashless policy, otherwise known as ‘cashlite’ project.
He pointed out that Chams had already started rolling out its mobile payment solution with remarkable success while it had secured further milestones as a major stakeholder in the electronic and transactional payment industry. It should be recalled that the CBN had granted approval-in-principle for mobile payment license in 2010.
“The mobile payment solution characterised by our usual innovativeness, ease of use and cutting edge technology promises to change the face of payment in Nigeria. It must be mentioned that this singular solution is the future of transactional and payment processes with its huge propensity to dramatically yield untold value for our esteemed stakeholders. We are primed to rollout in full force with a view to capturing a substantial size of the market,” Aladekomo said.